Jafza and FICC ink strategic deal to boost economic and trade relations

By Rahul Vaimal, Associate Editor
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Jafza FICC Deal
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DP World’s flagship Free Zone and the leading business and logistics hub in the UAE, Jebel Ali Free Zone (Jafza) and The Federation of Israeli Chambers of Commerce (FICC) have signed a strategic agreement in a concentrated effort to encourage businesses and improve financial cooperation.

Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World, and Uriel Lynn, President (FICC) have virtually signed the memorandum of understanding (MoU) which follows the normalization of UAE-Israel relations.

As part of the MoU, the two sides will attempt to increase the expansion of contacts and extend new ties between the partners of the UAE and Israel with the aim of boosting trade. Both Jafza and the FICC will also exchange important information on new developments in economic relations between countries, including economic planning legislation and plans and opportunities in the two countries.

Sultan Ahmed Bin Sulayem Chairman Dubai Ports
Sultan Ahmed Bin Sulayem
Group Chairman and CEO
DP World

“The recent development in the UAE’s and Israel’s bilateral agreements has opened up new avenues in an array of sectors. We at DP World welcome this trailblazing move that will provide boundless growth opportunities. The establishment of direct ties between two dynamic and advanced economies in the Middle East will undoubtedly provide impetus to economic growth, transforming the business landscape in the UAE”.

“Israel has immense creativity and technical capabilities, while the UAE holds a leading role in the field of global trade and is one of the world’s largest hubs for the industry”.

He also stated that “According to the World Bank, the UAE is ranked fifth in the world with a gross domestic product purchasing power per capita of $74,000 (Dh271,580). And our growth figures demonstrate this. In fact, in the first quarter of 2020, the country’s GDP amounted to Dh368.52 billion. We are hopeful that these figures will see a significant rise as this alliance has tremendous potential. We are optimistic that this agreement will bolster businesses and amplify trade in the UAE, Israel, and the wider region. The message of peace will take the form of working together for the people of both countries. The diplomatic breakthrough has paved a way to spur economic growth in both countries.”

“Our main goal is to create a forum to promote economic cooperation and create new opportunities for businesses in both countries. Strengthening business ties and enhancing collaboration over time is also one of the primary objectives. We hope this partnership will propel both countries to an all-new level of prosperity”, added CEO Sulayem

Through this joint initiative, the two systems will share information on market research opportunities, trade fairs and exhibits, and trade missions held in their respective countries. They will also work together to organize conferences, symposiums and other events that will improve economic ties between countries.